Private-investment firm Crystal View Capital will close out Crystal View Capital Fund I LLC by the end of the year after selling the 21 properties it acquired. Launched in 2014 seeking $10 million in equity capital, the fund’s purchases included land, manufactured-housing communities, a “bolt on” office, retail and self-storage facilities. The last sale, A Mini Self Storage in Garland, Texas, closed on March 17, according to a press release.
The fund’s capital was fully deployed as of September 2017. Investors received a full return of capital during the third quarter of 2019, with the fund still holding $24 million in assets. The fund provided a cash-on-cash return of 143% and generated a gross internal rate of return (IRR) of 47.9% through March 31. It made a total of $34 million in distributions, the release stated.
A Mini sold for $3.8 million, generating a gross profit of $2.4 million. The IRR on the investment was 38.7%, according to the release.
“Given current market conditions, we have been strategically selling properties out of the fund over the last few years, in order to accelerate and maximize returns to our limited partners,” said Matthew Ricciardella, the fund’s founder, principal and managing partner.
Crystal View launched its third fund last November 2020 with an initial offering of $95 million. It is approximately 65% subscribed, the release stated.
Founded in 2014, Las Vegas-based Crystal View specializes in manufactured-housing and self-storage investments. Through its first three funds, the company has raised more than $90 Million of equity capital and currently has more than $150 million in assets under management, according to its website.
PR Newswire, Crystal View Capital Announces Completion of Crystal View Capital Fund I